July 13 (Reuters) - Swiss investment bank Credit Suisse Group AG has named David Kostel and Punit Mehta as global co-heads of healthcare investment banking, according to an internal memo reviewed by Reuters on Wednesday.

The promotions reflect an ongoing effort by the bank to augment its presence in the healthcare sector and make up for the departure of Credit Suisse’s previous global head of healthcare, Stuart Smith, who decamped to work for boutique investment bank Centerview Partners.

Since 2015, Credit Suisse has been on a hiring spree in the healthcare space, adding five new senior bankers, including Mehta. Most of the new hires are focused on the life sciences sector.

Kostel, who is based in New York, previously served as Credit Suisse’s head of healthcare M&A. He has advised on transactions in life sciences and services, including Bayer AG’s $62 billion offer for Monsanto Co and Anthem Inc’s $54 billion deal with Cigna Corp.

Mehta, who previously was Credit Suisse’s co-head of Americas healthcare, also based in New York, has advised on transactions including Teva Pharmaceutical Industry’s Ltd $41 billion acquisition of Allergan Plc’s generics business and Endo International PLC’s $8 billion acquisition of Par Pharmaceutical Holdings, Inc.

He was previously global head of life sciences at Barclays Plc.

In recent months, tumbling valuations for healthcare stocks and increasing political pressure on high drug prices have unraveled some longstanding business models in the sector and created new opportunities for some acquirers. (Reporting by Carl O’Donnell in New York; Editing by Will Dunham)